Value Added: Did You Get What You Came For?
I’ve interviewed numerous business owners and business leaders about their activities: how they spend their time, how much time they spend doing this or that, and what they expect to gain from it. I was expecting to hear answers such as, I spend about 3 hours per day doing business development, which might include activities such as calls, working on my internet strategy, blogging or micro-blogging. Instead, the answers received were quite vague, with responses such as “oh, some time in the evening” or “it varies” or “well, I don’t really know.” While this might be a common thread for some businesses or business owners, operating this way limits your ability to measure the value of the activity. Examples of measurable activities include:
- Miles per gallon – how far you can go on a single gallon of gas
- Price per pound – allows you to comparison shop, often at a grocery store
- Call ratio – number of calls versus number of connections made